Tulsa-based Vintage Petroleum shareholders approve merger

Journal Record, The (Oklahoma City), Jan 27, 2006 by Journal Record Staff

Vintage Petroleum's shareholders on Thursday approved a purchase of the Tulsa-based company by Los Angeles-based Occidental Petroleum.

The merger is expected to be completed Monday. Vintage will be merged into an Occidental subsidiary.

Occidental announced plans on Oct. 16 to purchase Vintage for $3.8 billion. The takeover is expected to cost Tulsa about 230 jobs.

Vintage reported a 164 percent increase in net income for the third quarter to $42.2 million, or $1.07 per diluted share, up from $27 million, or 41 cents per diluted share, for the third quarter of 2004.

Revenues for the quarter totaled $282.1 million, up from $203.7 million a year earlier.

Vintage reported natural gas production for the quarter totaled 9.7 billion cubic feet, down from 12.9 billion cubic feet a year earlier. Domestic natural gas production for the quarter totaled 6.5 billion cubic feet. Vintage produced 1.9 billion cubic feet of natural gas in Argentina and 1.3 billion cubic feet in Bolivia.